Companies Act
Govt may harmonise voluntary corp governance norms in Cos Bill
By admin at 11 March, 2010, 10:42 am
The government today said it will try to harmonise the voluntary corporate governance norms with the new Companies Act and is open to make the existing guidelines more effective.
“We are open to redoing and reevaluating the voluntary corporate governance code next year… We will (also) try to harmonise the code with the new Companies Act [...]
Companies Bill likely in monsoon session: Ministry
By admin at 12 February, 2010, 6:32 pm
The new Companies Bill, which seeks to replace the legislation enacted way back in 1952, is likely to be approved by Parliament in the monsoon session, corporate secretary R Bandyopadhay said on Thursday. “With the speed at which the parliamentary standing committee is proceeding with the discussions, I am hopeful that the Bill would be [...]
Read More >>Vanishing firms back on radar with govt’s new rules
By admin at 2 February, 2010, 11:53 am
The Ministry of Corporate Affairs (MCA) has relaxed norms for classification of ‘vanishing companies’. Under a key revision, an entity cannot be identified as ‘vanishing company’ if any of its directors — executive or non-executive — can be traced.
Earlier, if the managing director or any of the whole-time directors could not be traced, the company [...]
Scope seeks code for independent directors
By admin at 18 January, 2010, 11:14 am
A new code of conduct for independent directors on board of public sector companies may be in the works.
The standing conference on public enterprises (Scope) has written to the ministry of corporate affairs and department of public enterprises to evolve a code for directors on boards of 240 public sector enterprises. It has also written [...]
Independent directors should be accountable
By admin at 15 January, 2010, 3:16 pm
Independent directors, who served on the boards of many companies without taking interest and spent insignificant amounts of time in meetings, have turned corporate governance into a ‘farce’, Madhav Mehra, president of UK-based World Council for Corporate Governance said.
“We have turned corporate governance into a farce”, Mehra said in this context at the three-day Corporate [...]
Company law to be amended in budget session
By admin at 14 January, 2010, 12:24 pm
The government plans to introduce a bill to amend the Companies Act in the budget session of parliament to enable convergence of Indian accounting standards with the International Financial Reporting Standards (IFRS).
“The ministry will carry out the exercise for necessary amendments in the Companies Act in the forthcoming budget session of parliament,” said a statement [...]
Limit independent directors’ tenure
By admin at 21 December, 2009, 11:59 am
Seeking a more effective role by independent directors in ensuring corporate governance, the Institute of Company Secretaries of India (ICSI) has recommended a limited six-year term for them and suggested that nominees of financial institutions should not be treated as independent since they had their own interests to protect.
ICSI, that submitted its recommendations to [...]
New Companies Bill stresses CSR
By admin at 17 December, 2009, 11:48 am
The Companies Bill 2009 has proposed laying guidelines for corporate social responsibility, although it does not intend to infringe the voluntary aspect of CSR, according to a top corporate ministry official.
Minister of corporate affairs Salman Khurseed has said the objective of incorporating CSR in the Companies Bill is to guide India Inc on the way [...]
India eyes law on corporate fraud after Satyam
By admin at 11 December, 2009, 1:17 pm
India’s government on Thursday announced a draft law to avert more corporate scandals like the massive fraud which embroiled outsourcing giant Satyam.
Satyam founder and chairman B. Ramalinga Raju stunned India’s financial world in January when he declared he had overstated profits for years and inflated the company’s balance sheet.
Corporate Affairs Minister Salman Khurshid said the [...]